Hong Kong-listed Seacon Shipping is refinancing four modern chemical tankers in a $103.4m sale-and-leaseback switch that will cut the margin on the vessels' debt, according to Splash247. The Qingdao-based owner is exercising early purchase options on the 18,500 dwt Golden Banyan, Golden Cedar, Golden Maple and Golden Olive for a combined $107.9m, bringing to an end financing arrangements struck with AVIC-backed leasing companies in 2024.
Refinancing structure
Seacon will sell the ships for $25.84m each and lease them back for another 10 years, Splash247 reported. Three vessels are moving to leasing vehicles controlled by Guangzhou Yuexiu Financial Leasing, while Golden Olive will be financed by Tianjin Maxwealth Changyang No.4 Leasing, part of Bank of Ningbo's leasing operation.
The new financing carries significantly lower floating-rate margins. The three Yuexiu-backed deals are priced at 1.65% over three-month term SOFR (Secured Overnight Financing Rate), with the Maxwealth facility priced at SOFR plus 1.8%. The existing AVIC-backed leases carry a 2.3% margin, giving Seacon a reduction of between 50 and 65 basis points across the quartet.
| Vessel | New lessor | New margin (3-mo SOFR +) | Previous AVIC margin | Reduction |
|---|---|---|---|---|
| Golden Banyan | Guangzhou Yuexiu Financial Leasing | 1.65% | 2.3% | 65 bps |
| Golden Cedar | Guangzhou Yuexiu Financial Leasing | 1.65% | 2.3% | 65 bps |
| Golden Maple | Guangzhou Yuexiu Financial Leasing | 1.65% | 2.3% | 65 bps |
| Golden Olive | Tianjin Maxwealth Changyang No.4 Leasing | 1.8% | 2.3% | 50 bps |
Vessel background and fleet expansion
The quartet was originally ordered at Fujian Southeast Shipbuilding in February 2024 for $32.3m each, marking Seacon's first move into tanker newbuildings. Splash reported four months later that the company had financed the ships through 10-year sale-and-leaseback deals worth about $27.5m per vessel.
Seacon has continued to grow its tanker exposure. Most recently, it acquired the 2026-built chemical/oil tanker pair Golden Gerbera and Golden Osmanthus for $39.2m, according to Splash247.
Seacon said the refinancing would lower financing costs and improve its debt structure, liquidity and financial flexibility.
Timeline and significance for the market
The switch is expected to be completed by the end of August. For charterers and freight forwarders, the refinancing signals that the owner is reducing its cost of capital in a floating-rate environment tied to SOFR, which may support vessel trading and fleet competitiveness. The lower debt margins strengthen Seacon's balance sheet while keeping the same 10-year leaseback tenor, meaning vessel operations and availability remain unchanged for cargo owners, but the owner's financial resilience improves as it continues to expand its chemical and oil tanker fleet.
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